Ripple's XRP cryptocurrency soaring to new heights this week. Coindesk's Director of Research Nolan Bauerle and Fortune Staff Writer Robert Hackett explain factors driving altcoins up, and Bitcoin down.
"Bitcoin has an enviable problem of being so popular, and such strong brand name that it became hard to access," says Bauerle. "I think when people saw that surge hit in December they said well I'll try something else." Altcoins like Ripple's XRP, Ethereum, and Tron posted significant gains in the first week of 2018.
"Retail investors are gobbling it up," says Hackett on some companies adding the word "Blockchain" to their name. " On Thursday Ripple's co-founder Chris Larsen became one of the wealthiest Americans on paper with his shares of the cryptocurrency growing to more than $59 billion. But Hackett says its important to note these shares are hard to transfer to direct wealth. Even if he were able to cash out all of his fortune, the markets would not handle it well says Hackett.
Over 1,400 props from classic movies like Star Wars, Shawshank Redemption and Gladiator will be up for auction next month in what experts say will be one of the largest memorabilia auctions in the world.
The Consumer Federation of America released its annual list of top complaints filed with consumer agencies across the country.
Google is using new artificial intelligence models to generate descriptions for YoutTube shorts.
The European Union and Google are looking to develop a voluntary artificial intelligence pact with European and non-European companies ahead of rules to govern the technology.
The Federal Trade Commission is investigating whether baby formula makers colluded in bidding on state contracts, according to documents posted on the agency's website.
Target will stop selling some of its Pride gear over concerns about safety for its workers because of "threats."
Tesla is expected to choose the location for its next factory by the end of the year, Elon Musk announced at an event on Tuesday, with India, South Korea and Indonesia in the running.
Target is removing some items from its stores and making other changes to its LGBTQ+ merchandise nationwide ahead of Pride month after intense backlash from some customers who confronted workers and tipped over displays.
Rebecca Walser, tax attorney, financial Planner, and wealth strategist, joins this edition of Stretching Your Dollar to offer some tips on how to save for an emergency.
A worldwide swoon for financial markets is carrying over to Wall Street, and stocks are falling further on Wednesday.
